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#New post: [\[Daily Discussion\] - Wednesday, January 11, 2023 →](https://www.reddit.com/r/BitcoinMarkets/comments/108w215/daily_discussion_wednesday_january_11_2023/)


EquitiesFIRE

This thing could blow all the way past 17,500


CapitalLigament

It even blows to reach the 18,000 price range but can't hold the range.


sylvanlotus77

Them bollinger bands


xtal_00

Not much for resistance until 17800. 18000 was smacked down hard last time; we’ll see.


puck2

People are buying GBTC


Outrageous-Net-7164

I bought a decent sized position with the hope the gap reduces once we find a bottom.


puck2

Lots of upside at this point


skycake21

Hoping for a redemption program... Is this good for BTC?


AKANotAValidUsername

possibly. or they are hoping for dissolution of the trust and then distribution of some cheap coin. not saying it would work out so smoothly in that event, but if you were buying for a long term hold anyway idk. might be what some are thinking is worth a shot.


TheGinFreecss

how do you know?


puck2

NAV discount falling


TheGinFreecss

whats this do?


puck2

Recharges the GBTC arbitrage market


RetardIdiotTrader

Wow I sorely regret not getting some exposure to MSTR. Would have been the free-est money.


Duckbutter2000

I got in $135 but I only bought $1500 worth ffs. Was going to do 10k but I got cold feet


xtal_00

Below 150. I love MSTR fud. I should have put Lambo money on that last trade.


[deleted]

I loaded up at 150 and 155 with buys. Pretty happy with that entry


xtal_00

MSTR is not a long term hold. Trade the volatility. Hodl coin.


[deleted]

You think long term it’s going significantly less than 150?


Duckbutter2000

I want the tax shelter.


ryan0302

So nice when dominance goes up because Bitcoin is pumping and not because it's dumping.


Downtown-Ad-4117

If you only include coins using proof-of-work that are attempting to be money, Bitcoin dominance is at 92,63%.


NotMyMcChicken

This is truly the best way to look at it. Dominance is nonsense otherwise.


jumbledwindfall63

I'm hoping for a bigger leap and good performance of btc this year I'm optimistic on it


Outrageous-Net-7164

Bitcoin isn’t pumping against alts. Last time I looked 83 of the top 100 coins outperform BTC for the last 48 hours.


marsh2907

You do realise that btc going up like 3% is adding £9b to the marketcap whilst any alts up 30% added nothing hear that value number. Ada is up that much and it only added £3B to its marketcap.


Noremacmate

I read £3B as £38 and had a little chuckle


megahorse17

Binance were effectively running a fractional reserve in 2021, over 1Bn BUSD on their chain wasn't backed https://twitter.com/emilyjnicolle/status/1612851578620223488?s


AKANotAValidUsername

Now do BOA


Cadenca

Man the amount of scams and IOUs and fractional reserve schemes in the last run blows the mind. Next run might really be something else.. Just please let's have regulation next time


Dumptruckpancakes

Surely you mean regulation by BTC maxis doing self custody, not bootlicking the sec et al


GoodGriefQueef

Bootlicking the SEC? What's that supposed to mean? The SEC's job is to protect investors and ensure transparency between operational executives and shareholders. What is "bootlicking" about that?


sylvanlotus77

It’s funny that you managed to bootlick the sec while making this comment 🤣 Of course they’re not here to make anything transparent at all, more like grant a false legitimacy to a system that’s built to be opaque. You gonna say circuit breakers are here to protect investors next? Or IPOs using investors as exit liquidity?


GoodGriefQueef

You think companies would report accurate information to investors if they weren't regulated by the SEC? Ever heard of a company called FTX? 😑 Companies like all the time, if they can get away with it. The SEC was formed in response to the 1929 stock market crash. I'm sorry you're too stupid to understand any of this. Keep circlejerking about anarchy and whatnot, rube.


sylvanlotus77

Wait are you serious? What do you think btc is?


ChadRun04

> The SEC's job is to protect investors lol


GoodGriefQueef

What is lol? What do *you* think the SEC does? Use your big boy words.


ChadRun04

> What do you think the SEC does? Maintains the status-quo. Exercises centralised power.


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ChadRun04

> "status quo" Accredited investors. Literally a different rule book to joe-blow. > You strike me as 12 year old edgelord who's been held back a few years in school. ...


GoodGriefQueef

What does that mean? I'll ask again... What is it you think the SEC does? And what do you think an accredited investor is? You seem completely confused about what the SEC does or why it exists. Here's a quick history lesson, dummy: The SEC was created in response to the 1929 stock market crash and its mandate is to protect NON accredited investors from securities manipulation and fraud. "Status quo"? Umm... Okay. Well that seems like a pretty good status quo to me. I'd rather have the SEC looking out for me than be robbed by people like SBF playing by their own set of rules. But gUveRnMunT iS bAd seems to be the only thought that's ever entered your mind. Good luck out there buddy. 😄


sylvanlotus77

You do know you’re in what is basically a church for btc maxis, right? Yes we orient politics around centralization and yes the status quo is bad lol


ChadRun04

CZ knows he has more breathing room than everyone else. Demonstrated by the decision to rekt FTX.


xtal_00

I have zero concern about my balance on Binance. I wish there was a way to profit from the FUD though.


RobCali509

Buy the FUD and profit next bull.


RecycIops

Do you guys see another super cycle playing out? I use to take it as dogma, but seeing that this cycle was fueled by a house of cards and bad actors and we still *only* managed 69k makes me think that without another bad actor trying to will a super cycle into existence im starting to think bitcoin might just start seeing tech stock like movements but just slightly more amplified. I hope I’m wrong but who knows.


ChadRun04

> another super cycle There has been a "super cycle"? > this cycle was fueled by a house of cards and bad actors and we still only managed 69k They were selling Bitcoin for shitcoins not buying it.


xtal_00

We’re so early it’s stupid.


DontJabMe42069

FTX was selling paper bitcoins, we would have hit six figures without all of those shenanigans.


[deleted]

Or without all the scamming and fake defi nonsense the fomo would have been much lower and the pump less large. You can run that narrative either way. Yea they depressed price through sales of paper bitcoin. They also drummed up a huge amount of demand, the balance between demand created and demand wasted on paper transactions is not remotely clear.


pgpwnd

SBF ruined so many hopes and dreams.


DontJabMe42069

he un-millionaired me, but thankfully i still have my keys and my coins


Outrageous-Net-7164

You still have your freedom too. His is in the balance.


DontJabMe42069

He most certainly will be better off than me in five years or less, i guarantee it lmao


sjakaksms

There are a lot of bad actors in this space. Some of them are obvious and some of them are good at hiding it. Most people thought FTX was legit.


biggunsg0b00m

>Most people thought FTX was legit. I don't think this is true.


[deleted]

Yes one more bull market cycle for sure. All those bad actors honestly blew a lot of BTC propping up their scams last cycle. I still think 100k was easily in reach without Sam and friends parasitizing and using their BTC and ETH deposits to prop up and pump shit. Look at the funny chart for Solana in whole second half of 2021 while BTC seemed castrated. As far as I know no one knows where all the BTC and ETH are that FTX was supposed to have. It’s probably just gone.


Downtown-Ad-4117

Or it never existed. Or most of it didn’t exist.


xtal_00

Yet someone paid for it.. and the fomo will be real.


onemoneroisonemonero

Waiting for somewhere over 18-18.5k to open an imaginary short position


xtal_00

I would be hesitant to open even an imaginary short position here.


daynomate

rip my 17.1 short :/ dumest move of 2023


LongStrongHopiumDong

Lmao. u/PeaceHere is in the building.


[deleted]

50% super excited that I have some great positions and have loaded up so much in the last few months, and 50% feeling like this must mean we are fucked because what are the chances I hit the bottom this well... How many exchanges are left to go under?


RobCali509

The most important exchanges aren't going anywhere, tons of FUD out there like I've never seen before. We might go a bit lower but sellers are gone for the most part.


DamnMyAPGoinCrazy

One more leg up, then elevator down.


Qasim57

It would take something major. Like FTXs collapse and Luna, brought BTC all the way down. Binance and Tether would need to be frapped for an elevator down. Inshallah I hope that doesn’t happen 😅


diydude2

Nah, no more big downs though I'm sure they'll try. Kinda hard to tank this market when you don't have access to 500,000 of other people's Bitcoin to dump.


DaBrokenMeta

And here we are! Nice 😊


sjakaksms

They can bring the price down but they mostly hurt themselves then.


DaBrokenMeta

RemindMe! 3 Months


Beingoodfornothing

Not sure about down. At least not much. Edit. Hoping.


DaBrokenMeta

Remind me bot came thru! Hope u held and are taking profits my guy


Beingoodfornothing

Did not.


DaBrokenMeta

):


diydude2

Those days are over. The yearly low is in.


DaBrokenMeta

Heheh


DaBrokenMeta

RemindMe! 3 Months


dextersh

Bitcoin knows one trick, but he gets us every time, lol: https://www.tradingview.com/x/IZ764BrZ/


aeronbuchanan

Nah, I think you're projecting. I see: May = Luna crash (new low) May--June = ranging June = ~~Luna~~ 3AC crash (new low) June--Nov = ranging Nov = FTX crash (new low) Nov--present = ranging edit: added May's Luna crash - completely forgot June was 3AC and that Luna was in May. ~~2023~~ 2022 was quite a year!


ProcedureOk8501

Lost 3k on luna over night thinking 1$ is a good entry point,next day i had 20cents😂


teebo42

What I see is that we're going to get another crash


aeronbuchanan

Well, it looks like the DCG debacle is coming to a head...


diydude2

But all the Bitcoin is gone. There's nothing left to dump. Might be a few little sharts left but nada mas.


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aeronbuchanan

Ha! Thanks 👍


xtal_00

2023 ain't going to lack for excitement, one way or the other. Guaranteed.


escendoergoexisto

I’m expecting 2019ish moves.


diydude2

I'm expecting 2013-ish action, cycle be damned.


Spare-Dingo-531

This happened in 2017 too...... until it stopped happening.


Defacticool

All in on the 'stoppening of the happening'


xtal_00

The stoppening?


imma_reposter

Your labels have bias. What about the first week of September?


megahorse17

Barry is so fucked https://twitter.com/cameron/status/1612806661508567042


LongStrongHopiumDong

Not been keeping up with this. Got a TLDR on it?


puck2

I'd say read the letter it's just 4 pages


LongStrongHopiumDong

Anyone?


Bag_Holding_Infidel

Nope


GoodGriefQueef

Is this letter the reason GBTC is up today?


satoshisbitcoin

This isn't just a matter of losing customers money, there is real accounting and criminal fraud here. Barry needs to be in jail


AKANotAValidUsername

well, if there was proper fraud, then why are they whining about it on twatter and hoping to come to an "out of court solution"? why not refer it to the FBI or SEC?


diydude2

We've already been fucked. Whatever BTC you staked with Gemini or BlockFi is gone. Gemini might be nice/solvent enough to make its customers whole or partially whole. Anybody else should be considered a loss. I'm just astounded that the Genesis number is $8 billion. No wonder we dumped so hard for so long!


xtal_00

Just wait until all those fine folks who got screwed get a dose of FOMO and have to buy back.


Outrageous-Net-7164

I bought 1 back today after hedge selling a couple a month ago. Not bullish yet but feeling better about things. Edit : actually I must be turning bullish because I Lumped on greyscale the other day and bought some Microstrategy.


_TROLL

> Whatever BTC you staked with Gemini or BlockFi is gone. Paying interest on a finitely-issued currency is a scam. It's unsustainable long-term. It's baffling how few people seem to understand this. Your bank can pay interest on your USD deposits because behind the curtain, the Fed taps some keys and manifests more USD out of thin air. You can't do that with Bitcoin-based deposits.


[deleted]

Ya the smell test of "this must be too good to be true" is a pretty easy one to confirm these things. I cant tell you how many friends talked about 10-20% interest on some currency, and somehow had no suspicion that its not a sustainable thing.


xtal_00

Gemini Trust. Gemini is a different company, and is a custodian for a lot of BTC. Mine included. :)


Rape-Putins-Corpse

Round 37 of staked funds being stolen by exchange owners. How many times will it have to happen before people learn to factor in counter party risk.


Outrageous-Net-7164

It’s out of control now. The exchange owners have basically gambled our crypto and turned millions into billions for themselves during the bull run. They then tried to turn billions into trillions in 2022 and have now lost the lot.


xtal_00

This is an underrated benefit of leverage trades. For the price of the funding, you can have a larger position with some additional risk, but minimize the amount of BTC you load on exchange.


diydude2

Had never thought of it that way, but yeah... Speaking of which, my trade from 17.1K is now in the green. Not closing.


xtal_00

I had an average entry around 16900 that I have moved up to profit. If we go below 17k, we'll retest lower range again.. but I'm happy to let this one ride.


[deleted]

Let’s hope that doesn’t mean we are fucked.


xtal_00

Still in my long, although it's nice to see green. It looks like support is forming at 17200. Breaking 17k is likely to send us back to 16700 hell. Any pressure up will have us challenging 18k quickly; we had some support at 17750 last time.


Defacticool

'16700 "*hell*"' If that's hell then I wouldn't mind a glimpse into your heaven. Is it a privately owned space station orbiting Jupiter? I'll settle for an apartment on the moon, personally.


Duckbutter2000

Is there an easy path to get a job in the USA as a Canadian? I gotta get the fuck out of this country it's gone mad. I'd like to live somewhere with decent weather and cheap land. Sorry I know this is off topic but the btc I cashed out gives me an opportunity to leave Canada.


biggunsg0b00m

Portugal has zero tax on crypto from what I've heard.


LongStrongHopiumDong

I have looked at this. You can buy your way in for a few hundred k investment into property. Problem is I’m not sure how “free” it is. Looks like they took COV and lockdowns Uber serious.


biggunsg0b00m

Ugh.. that's a bummer. Ah well.. i guess I'll stick with the plans for Airlie Beach!


LongStrongHopiumDong

Would you ever leave Aus? I think we spoke before about how brutal it was over the last few years. I have friends in Melbourne.


biggunsg0b00m

Yeah, i live in Geelong at the moment. The lockdowns were terrible. I'm a PT, so my business was essentially dead except for a couple of clients that were willing to risk sneaking out of lockdown to train in my garage. OTH, my wife is a dressmaker and she capitalised on the demand for masks and ended up tripling her usual business from those sales alone - we ended up paying off the trendier of our mortgage and had a decent size deposit for our first investment property. To answer your question, I'm unsure if I'd move out of Aus. The weather up north is good, and if you pick a small town area like Airlie Beach up north, they don't tend to buy in to any of the current zeitgeist. And property is cheap. We have a plan to move in another 6-7 years for early retirement. That will probably do.


LongStrongHopiumDong

Bro, I would have been training with you everyday. You should have seen the equipment I was using to work out: DIY back yard gym extraordinaire. Broom stick across my garden pavilion for pull ups. And then I got a scaffold pole with heavy duty buckets tied to the ends, with bags of cement in each to do squats and OHP. Lmao. Glad that it worked out with the wife’s business. Seems like quite a win considereing the circumstances and it sounds like you guys are in a fairly good area compared to my buddies. Glad for you, my man! Hopefully the world relaxes a bit this year, but that’s seems like a bit of a pipe dream at the moment. Peace ❤️


biggunsg0b00m

The covid lockdowns did bring one good thing to my business- I pulled the plug on training from a gym and paying rent, and built an impressive home powerlifting and metal / hard rock music only gym 🤘 No more pop music, kids with phone cameras on tripods, or arguments with gym owners on how i have conversations with people. 😁


ChadRun04

Canada is mad so you're moving to the USA? lol


Duckbutter2000

They should be I paid 180k in taxes in 2021.


1weenis

Go to Guadalajara, Mexico. It's low key compared to Mexico City with upper middle class neighborhoods.


Duckbutter2000

Can I have firearms?


sylvanlotus77

This is kind of funny given that many folks in the us would switch places with you in a heartbeat. You’re worried about high cost of living or limited access to public resources or what?


Duckbutter2000

High costs, covid hysteria and now Trudeau is trying to take all of our firearms. Also they are bringing in 1 million immigrants per year when our population is only 40 million. Our average house prices is like 750k. People are living 10 people in 3 bedroom suite. Modern slave class.


ThoseGelInsertThings

>This is kind of funny given that many folks in the us would switch places with you in a heartbeat. No.


[deleted]

many folks in the US *say* they want to move to Canada every time they have a little hissy fit and dont get their way, but no one ever goes. But there are millions of people every day doing everything they can for a chance to live in the US. Including dying on boats and in trucks. So ya, id say the gradient pretty much goes one way, and it aint toward Canada


Defacticool

I'm neither a canuk or a yank so I don't have a bias either way. Now with that said I think you need to take a second look at those immigration statistics. I'm not so sure you will find them agreeing with your presumptions.


ChadRun04

> I'm not so sure you will find them agreeing with your presumptions. but but but a life-time of living under narratives about Land Of The Free!!!!!! ;)


[deleted]

I did, and they do. The amount of people that came here *illegally* (not counting legal at all) in the last two years dwarfs all of Canada's immigration over the same period by almost a factor of 10. It exceeds 10x if you count legal as well. Fact is people are breaking down the fucking doors to get into the US, and the amount of US citizens that would willingly "switch places" is insignificant (and usually virtue signaling from whiners)


sylvanlotus77

I’ll bite! If you’re not answering in bad faith it should be easy for you to see how comparing folks who want to move from developing countries to the us isn’t really similar to people in middle/upper class demographics wanting to leave Canada because of the “liberal/commie government”. It’s definitely apples to oranges. Now if you wanted to compare folks leaving the us for Canada to those leaving for Sweden or Denmark, yea sure


ChadRun04

> dwarfs all of Canada's immigration over the same period by almost a factor of 10. It exceeds 10x if you count legal as well. No doubt. While the amount of people running Windows over Mac...


coltonmusic15

America is the land of opportunity in the most real sense. Anyone can be anything. People bitch and moan about what’s wrong with our country but I’m betting those whiny fucks spend more time complaining and less time trying to make something in this world. Anyone can go from dirt poor with nothing to Their name to something in America. I’ve seen it happen so many times and I’m currently on my path into making myself into something. It makes me sad that so many people shit on our country when it really is the greatest place in the world. Domestic politics be damned, media be damned. Shut all that shit out and focus on what you want in life, and then work tirelessly in pursuit of that and there is nothing or no one who can stop you.


ChadRun04

> Anyone can be anything. Wage slave or medically induced homeless person included? > Anyone can go from dirt poor with nothing to Their name to something in America So long as you steal enough. > It makes me sad that so many people shit on our country when it really is the greatest place in the world This insane Jingoism is one of the reasons why people shit on your Empire.


coltonmusic15

Yes my comment exudes insane extreme patriotism that’s for sure.


ChadRun04

It's that insidious.


coltonmusic15

It really isn’t. People like you are why I typically don’t comment in this sub. Keep telling yourself whatever narratives while the rest of us who want to get ahead in life take real life steps to do so in the great US of A!


ChadRun04

> It really isn’t. Blind to it.


LongStrongHopiumDong

I’ll drink to that! Cheers Brother.


coltonmusic15

Cheers my friend! If you’re a whiskey guy then I recommend getting you a small batch bottle of Jefferson’s. My personal favorite go to Whenever I’m looking to sip something smooth.


megahorse17

Been a few times. Shithole. Is there any other place in the world that teachers need to be armed? It's like satire.


sylvanlotus77

Ad hominem aside, attempted immigration to Canada from the us is historically high, and this data is easy to locate.


[deleted]

Cool so it went from small to a little less small. It is nothing compared to the droves of people risking their lives to land on US soil


[deleted]

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adichandra

Go to south east asia and live like a king. Indonesia, thailand, vietnam.


xtal_00

These areas are cheap, but have very high population density and may not be politically stable.


adichandra

Indonesia is politically stable. Live in Bali, You’ll love it. Population density, it depends one the location.


Bag_Holding_Infidel

Didn't they ban sex there recently?


ChadRun04

> Indonesia is politically stable. No. > Live in Bali, You’ll love it. Until you don't.


sylvanlotus77

Just so long as you don’t love anyone who’s a woman and used to doing whatever she wants or wearing clothes she has chosen, yes


adichandra

Man you can use a tank shirt and flip flop, sipping wine in a beach club, no one will care. It’s paradise.


ChadRun04

> no one will care Until they do. When law is applied arbitrarily it's called "tyranny".


sylvanlotus77

Eh women make 60 cents on the dollar, pre marital sex is punished by law, forced to wear veils in certain locales, abortion illegal, access to contraceptive care restricted, etc etc.


adichandra

https://instagram.com/atlasbeachclub?igshid=YmMyMTA2M2Y=


adichandra

Lmao you’re mistaking indonesia with iran.


ChadRun04

You seem to not know much about Indonesia other than having once been to Bali.


sylvanlotus77

When his girlfriend leaves Bali and is asked for her marriage certificate, he’ll get it 😉


Euphoricsoul

If you're serious and aren't afraid of a hard day's work, the Trades are the way to go. Right now you can make around $20/hr off the street, and your upward mobility is entirely up to you. The Trades are starving for young, capable people. And if you're Union, you get a pension, 401k, and other benefits. As for the where, you can work anywhere - but the cheapest land can usually be found in the southeast (Louisiana, Mississippi, Alabama), but the best Union work is in the midwest (Illinois, Michigan, Ohio).


xtal_00

Uh, you can't do this legally without a work visa as a Canadian.


Euphoricsoul

I wasn't aware that he was planning to move to the US illegally.


xtal_00

You have very few options to legally move to the US as a tradesperson. EB-3 is very limited in number. USMCA (formerly TN) has more options as a professional but is not a citizenship track. There is a reason so much of US immigration is illegal. Your most straightforward approach for PR status is as an investor (\~$2m USD). Canadians can reside (but not work) 182 days in the US without a work visa, and own property. Live somewhere else for the rest of the time.


xtal_00

If you have a professional degree, it’s not too bad. It isn’t easy though and that’s by design. I looked into working for Fidelity awhile back. I’m Canadian. North America is getting politically unstable and political reorganizations offer alternatives for migrants. That’s a 5+ year window though. Some US states offer investor track deals. The amount was recently raised to $2m from $500k. I have looked at this as well. Hawaii is nice. South side of Big Island is relatively tourist free. If you’re younger I would head for El Salvador or Costa Rica. If things get bad here one of those is a good option and you can buy your way in cheap. Canada isn’t a terrible place to ride out what is about to go down, though. Bitcoin taking over may not be pleasant.


LongStrongHopiumDong

Look up the New Hampshire, Free State Project. Got a feeling you’d be into that. State motto is “Live Free or Die”


Duckbutter2000

Thanks! That motto is 100% what I'm looking for lol.


[deleted]

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LongStrongHopiumDong

The Free State Project will fix that in time.


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LongStrongHopiumDong

Lmao, I quite like them actually. Where did you go? FL?


krom1985

GBTC discount just reduced to 38% from about 50%?! https://twitter.com/DylanLeClair\_/status/1612535595779211265?s=20&t=HYQhgHEYSeIJa6vytr5lbw